In a recent article, Multifamily Executive tells readers the 5 reasons why occupancy is growing stronger in the United States. One reason that has been a constant trend is that many people are scared of owning their own homes due to the foreclosure crisis in 2000 and again in 2008. Click below to read the […]
Posted on 22. Jul, 2014.
Many young renters across the United States have decided to forego larger apartments for a better location or amenities. “They’re sacrificing living space for...
Posted on 14. Jul, 2014.
Although the housing market has been in a slump during recent years, a recent surge shows that the real estate market is starting to...
Posted on 17. Jul, 2014 by Marc Courtenay.
On Tuesday July 15 Fed Chair Janet Yellen said more than Congress and most managers were anticipating. Her carefully prepared comments are a big insight into how those who control America’s monetary policies are thinking. According to a report by USA Today Federal Reserve Chair Janet Yellen told Congress the economy is improving but still […]
Posted on 15. Jul, 2014 by Marc Courtenay.
Property managers work hard for their money. Everybody talks about increases in the cost-of-living and rents rising, but how about the people who make rentals available? Yes, I’m referring to your clients the owners, and you, the liaisons between the residents and the “landlords”. When’s the last time your clients called and said, “You deserve […]
Often, when renting an apartment, tenants are overwhelmed by the amount of information they are given, from the initial apartment viewing, to filling out the application, to getting approved, to finally, moving in. While it’s important to let all prospective residents know and understand the rules they must abide by when moving into their new […]
Too many property managers aren’t aware of the free tools offered by a familiar online company. You’ve heard of Yelp, but did you know that 132 million people use it monthly for buying decisions? The most recent data suggests there are over 57 million reviews on Yelp. More importantly 82% of Yelp users go there […]
Years ago, while living in Las Vegas, a summer thunderstorm wreaked havoc on my apartment. Lightning eventually struck the roof of my loft, creating a fairly significant hole in the roof. Since it was late, I placed a bucket under the hole to catch the still-falling rain and called the management office to report the […]
Posted on 20. Jun, 2014 by Marc Courtenay.
One of the challenges in the management of rental properties involves collecting from residents behind on rent payment. Knowing the laws which govern the methods used for collection is a vital first step. We can debate how far we’d push the envelope to make sure the rent is collected, but the key to avoiding legal […]
Whether you’re following your passion or just trying to be successful at what you do for a living, it always counts to be in that esteemed group we call “outstanding”. There is more research surfacing that gives practical guidance on the characteristics of those who flourish and those who flounder. It’s not just motivation that […]
As important as it is for property managers to ensure that rent is received on a timely basis; rental collection is not just important to property managers. Surveys have shown that residents also want an easier way to pay rent. While many smaller management companies have continued to accept checks, many have done away with […]
Posted on 13. Jun, 2014 by Marc Courtenay.
The responses to my last article on filling vacancies fielded excellent suggestions from property managers. This kind of feedback offers ideas that are working now! Of course the ideas I shared in my series “50 Ways to Fill Your Vacancies” work well in today’s market. Yet those from our readers are personal favorites, innovative and […]
In older generations, renting an apartment was typically viewed as a temporary measure; with the ultimate goal being home ownership. A lot has changed since then. The epic housing melt-down has driven more renters into the market. And many young professionals are seeing apartments as a reflection of their tastes and personality, not as a […]
We all know that in the property management arena, managers typically have one chance to make a good first impression on prospective residents. So the last thing managers want is a cluttered mess to be the first thing that applicants see. We all become immune to our surroundings, seeing only what we want to see. […]
Other than filling vacancies, there are few topics more important for Property Managers than how to make sure your residents pay their rent on time and securely. From a behavioral vantage point, there are several effective ways to empower residents to pay their rent or lease payment on time, month after month. Here are three […]
The term risk management can mean different things to different people. But in short, effective risk management is concerned with both the financial and human consequences of unforeseen events. To effectively manage their properties, managers should make a concerted effort to become better educated in risk management; starting with identifying possible risks at each property, […]
Posted on 20. May, 2014 by Marc Courtenay.
On Friday May 16 the economic numbers turned Goldilocks-style “not to cold and not too hot”, and property managers need to be on top of these developments. First of all, the interest rate on the benchmark 10-year U.S. Treasury bond dropped to 2.5% from 2.7% in just one week’s time. That’s a 7.4% plunge, and […]
Posted on 13. May, 2014 by Marc Courtenay.
The most recent housing market index is beginning to show some cracks in the mortar. Confidence in the home building sector has deteriorated lately, according to the results of an industry survey released on Tuesday Feb. 18th. The National Association of Home Builders (NAHB) said its housing market index (HMI) slipped to 46 in February […]
Posted on 12. May, 2014 by Alexis Hammond.
Websites are a critical meeting point between property managers and residents. Here, we look at the costly mistakes property managers make when trying to maintain their websites themselves. Download the full size infographic here.
Acquiring new owners is essential to any growing property management business. Owners are looking for management companies that will make their lives easier and give them confidence that their properties are in the right hands. Are you maximizing your potential to draw in new owners? This useful list highlights 7 ways you can engage new […]
Posted on 06. May, 2014 by Mary Girsch-Bock.
It’s safe to say that property managers are constantly in search of ways to improve their properties. While some are obvious, others may not be quite so apparent. For instance, do you really know what your residents think of your clubhouse? Are they happy with property staff? Is staff response to complaints prompt or nonexistent? […]
In June of last year, an Arizona property management company was shut down due to improper use of a trust fund account. During a routine audit, the account was found short of money, with further investigation revealing an unauthorized signer on the account, as well as the issuance of a monthly paycheck made from the […]
Posted on 15. Apr, 2014 by Marc Courtenay.
With a title like this you may think I’m about to encourage you get a bodyguard or a permit-to-carry. While neither of those ideas are bad ones, I’m talking about reviewing your personal and business insurance. I’m also encouraging you to know your legal liabilities and your rights. Concerning insurance, this is a good time […]
Posted on 09. Apr, 2014 by Alexis Hammond.
Take a quick look around your desk. Is it covered in papers and handwritten sticky note reminders? Maybe your printer is running out of ink from all the owner statements you have to print. These are just a few hints that it may be time to modernize your property management business. Does any of this […]
Posted on 08. Apr, 2014 by Marc Courtenay.
Don’t let what happened to a property management company in Las Vegas, Nevada happen to you. The company had set up a convenient lock box so residents could drop off their checks after hours. The worst case scenario unfolded on a hot summer’s evening in July when thieves who had noticed the drop box of […]
Posted on 03. Apr, 2014 by Alexis Hammond.
Do you know where your property management business is wasting money? Take this 3-minute quiz and instantly uncover new and hidden ways to save money and increase profits in your business. More savings in your business today means more money to invest in growing your business tomorrow!
Here are three ideas from my upcoming article series titled “50 Ways to Fill Your Vacancies”. Like you, I’m fired up about the idea of having as many marketing tools as possible to manage properties effectively. As a property owner and/or manager, you may already have many successful ways to quickly fill your vacancies with […]